BitMart to Halt Trading by August 26 as BMX Token Loses Nearly 70% of Value

Crypto exchange BitMart will end all trading services on August 26 and cease operations entirely by January 31, 2027, following a sharp decline in its native token and complaints over delayed withdrawals.

Wind-Down Details

BitMart said in a Sunday notice it made the decision after evaluating its operating conditions and strategic direction. The exchange has stopped accepting new registrations and deposits, placed futures trading into reduce-only mode, and halted new orders on spot markets.

BMX Token Plunges Amid Withdrawal Complaints

BitMart’s BMX token dropped nearly 70%, trading around $0.09464 after falling from about $0.31 late Friday. Users on social media reported delayed withdrawals, with some Tether requests left pending for hours. Arkham data showed BitMart-linked wallets held about $71 million in crypto as of Sunday, down from roughly $102 million on July 6, with most holdings in WeFi’s WFI token.

Part of Broader Exchange Consolidation

BitMart joins BitMEX and Dango, both of which announced shutdowns this week, adding to a wave of crypto platform closures. Some social media users confused BitMart’s situation with BitMEX’s separate shutdown announcement, contributing to conflicting information online.